Pre-Retirement Income Peak: Age 55-64

Recent Federal Reserve data reveals that Americans aged fifty-five to sixty-four have a median household income of over eighty-two thousand dollars, the second highest across all age groups. This figure, which represents the highest earners before retirement, is significantly higher than those seventy-five and older. The survey also highlights income disparities based on factors like homeownership and education. Homeowners earn more than double that of renters, with median incomes of ninety-four thousand dollars compared to forty-two thousand dollars. College graduates earn a median income of one hundred seventeen thousand dollars, compared to thirty-two thousand dollars for those without a high school diploma. While a college degree is a strong indicator of higher income, trade schools or entrepreneurship can also lead to substantial earnings. True retirement readiness depends on a complete financial picture, including savings, home equity, steady income sources, and managing debt. Regularly calculating your net worth provides a crucial benchmark for assessing your financial stability and preparing for a comfortable future.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.